AEW raises over €100m for core-plus property fund

Asset manager AEW Europe has received €101 mln in commitments from six investors at the first close of its new core-plus office fund.

The Europe Value Investors fund expects to undertake further closings in 2014 targeting a total investment capacity of €700 mln and will focus on core-plus and value add opportunities in the office sector, predominantly in Germany, France and the UK.

Carsten Czarnetzki, fund manager for Europe Value Investors, said: 'The fund’s strategy is to take advantage of the strong demand for stabilised core assets, targeting the most liquid European markets. We will invest in office assets that can be managed or repositioned to core to take advantage of this demand.'

Russell Jewell, head of private equity funds at AEW Europe, added: 'Current market pricing provides the opportunity to acquire office assets at discounted values and at an attractive point in the cycle. The fund will benefit from the capabilities of our European platform of local and experienced teams specialising in value-add investments.'

AEW Europe has launched a number of private equity real estate funds since 2001 and currently manages more than €18 bn in Europe in a number of funds and separate accounts.